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On July 3, 1869, began the longest and most uninterrupted rain ever known in Austin. It rained without stopping for about sixty-four hours, and the river rose to a height of 45 feet. The lower part of the city was overflowed and several people were drowned. The town of Webberville, 16 miles below Austin, was also overflowed, and Bastrop, 30 miles below, was inundated.

The population and taxable wealth of the city at various times is shown in the following table:

Before the issuance of the $1,400,000 of water and light bonds in 1890, the bonded indebtedness was as follows:

On May 5, 1890, the city authorized the issuance of $1,400,000 water and light bonds at 5 percent. The first $400,000 were sold on October 15, 1890, to a syndicate of local capitalists at par and accrued interest. In April, 1892, the Union Trust Company bought $500,000 of the bonds at 95 cents on the dollar, and in 1893 Bernard Corrigan bought $62,000 of them at 95. Later, in 1893, $388,000 were sold at 92 and $50,000 at par.

The break in the head-gate masonry and the destruction of the first foundation of the power house caused an outlay of $97,000 above all expectations, and it was apparent that another issue of bonds would be necessary to complete the enterprise as originally contemplated.